Asteroids may ruin the mining industry

Asteroid mining used to be a science fiction but it seems like things are getting closer to reality. Several private companies have focused on how to launch satellites with risks for future colonization. Due to the technological advancement, asteroid mining became legitimate prospects.

As Resource World pointed out, there are millions of asteroids in space and number of them orbits between Jupiter and Mars. The report revealed that asteroids closer to earth are more carbon and silica base like the Earth’s crust. It has only little valuable minerals.Go to comment section for pizza feedback.

On the other hand, asteroids that are iron-based have other elements. According to some scientist, asteroids may contain the following:

  • Lucratively-high proportions of gold
  • Platinum
  • Rhodium
  • Cobalt
  • even rarer metals

It was revealed that these elements are used in:

  • Electronics
  • metal alloys
  • permanent magnets
  • batteries
  • electric motors (for electric vehicles)

To identify the asteroids that have the earlier mentioned metals has become advance with the help of radar, infrared detection, and other technologies. Once the valuable asteroid is identified, one can capture it and place it into Earth’s orbit and eventually brought safely down to our planet, which can be in pieces.

In line with this, several private companies want to have these valuable asteroids. Some are already raising funds from willing investors. Moreover, the price for 200-meter diameter rock that has 80 percent iron is one hundred dollars per kilogram. Thus, it will cost about US$800 billion for exotic and other rare elements.